Building value in your home care business and setting goals for exit planning does not happen by accident. Partners 31 helps you develop your overall strategy as well as the specific tactics, the means by which you execute that strategy, necessary to achieve your goals. Let’s take the example of “Stuart,” a typical home care [...]
Time: Too Much or Too Little? Exit Planning for Home Care Agency Owners
Exit Planning? Oh, I’ll have plenty of time for that later! Exit Planning? I’m too busy to think about that now! Sound familiar? The problem is that active, successful business owners like you seldom slow down, and despite your best intentions, you often bite off more than you can chew. We can’t cram any more [...]
Family Succession Planning Via Sale to Third Party When Exit Objectives Clash
Many business owners facing imminent exit have the enviable but difficult choice of either selling the business to an outside third party and achieving their financial objectives or, conversely, transferring the business to loyal, motivated, key employees or family. This is nothing more, or less, than a clash of exit objectives. Take John Conover for [...]
First Things First: Prioritizing Your Objectives
You’ve got to be very careful if you don’t know where you’re going, because you might not get there–Yogi Berra It’s not always easy to interpret Yogi Berra. But perhaps he is pointing out how important it is to know exactly where you and your business are headed. There will come a time when [...]
Selling to Insiders – How Much Can you Sell your Home Care Business for?
If you wish to transfer your business to an insider(e.g. employees, children, co-owners) and want to receive full value, then generally that value cannot exceed four times your true cash flow. We define “true cash flow” as the pre-tax money distributed to owners via salary, bonuses, company distributions such as S-distributions, and all rental payments [...]
Work On – Not Just In – Your Home Health Care Business
The purpose of exit planning is to leave your home health care business on your terms and on your schedule. Owners begin thinking about their exit process when two streams of thought begin to converge. The first stream is a feeling that you want to do something besides go to work every day—either you would [...]
